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Hotel Gloria Palace in Rio de Janeiro is owned by Brazilian billionaire Eike Batista. He hoped the rebuild would be done by the 2014 FIFA World Cup. It won't be.

Brazilian billionaire Eike Batista's Hotel Gloria will not be ready in time for the lucrative 2014 FIFA World Cup, Folha de São Paulo reported this weekend.

The traditional Carioca (name of Rio locals) hotel already exists in the central part of Rio de Janeiro city. But a R$190.6 million ($95.3 million) loan from government lending juggernaut BNDES to finish the upgrades to Gloria in time for 2014, when millions will undoubtedly inundate Rio to cheer on their national football teams, was not enough to get this project complete on time.

BNDES is the largest development bank in Latin America, with a lending portfolio that rivals the World Bank worldwide. It lent the low interest loan to billionaire Batista under their ProCopa program, designed for companies looking to upgrade and build-out new construction projects ahead of the FIFA World Cup, already coming to Brazil next year.

Batista's real estate construction firm REX (all of Batista's companies have an X at the end of their names) said the project would be ready to roll in a limited capacity in May or June 2014. But would only be open for training purposes, REX president Marcos Adnet told Folha.

The FIFA World Cup matches begin on June 14, 2014, the start of winter time in Brazil.

Adnet told Folha that the hotel will be fully operational at some point in the second half of 2014.

At the very least, Batista's Hotel Gloria will be ready for the 2016 Summer Olympic Games. Batista was the most vocal Brazilian businessman in lobbying the Olympic Committee to choose Rio de Janeiro to host the Olympic games.

Batista's project is not the only one to receive low cost BNDES ProCopa loans. Multinationals Hilton and Hyatt (H) have two Rio hotel projects that received funding. Hilton said on Tuesday that its Hilton Barra Rio de Janeiro hotel will be open in time for the FIFA World Cup.